Arbitrum to lower gas fees in response to Dencun update
Arbitrum developers are set to revolutionize the cost of layer-2 transactions by a significant factor of 10, as gas fee reductions are scheduled to go live on March 18.
The team at Offchain Labs has successfully implemented an update to ArbOS, also known as Atlas. This upgrade will introduce support for binary large objects (blob) transactions, which aims to decrease the expenses associated with transferring data from Layer 2 to the Ethereum mainnet.
The Atlas upgrade enjoyed widespread backing from the Arbitrum community, with most of the changes implemented as part of the update being supported the day before. Representatives from Offchain Labs anticipate that the average base fee will see a drastic reduction, from 0.1 Gwei to 0.01 Gwei, resulting in a tenfold decrease. Consequently, an operation that previously incurred a cost of $0.5 will now only cost users approximately $0.05.
In addition, other layer-2 networks such as Optimism and Base have also witnessed significant improvements in gas efficiency following the launch of the Dencun update. Gas fees in the Base protocol experienced an immediate drop from $0.31 to $0.0005. Meanwhile, Optimism has managed to reduce transaction costs to less than $0.01, according to L2Fees.
On March 13, the Arbitrum network updated its commissions after the Dencun activation on the Ethereum mainnet. The critical component of this upgrade, known as EIP-4844, aims to enhance network scalability by introducing a new transaction type for a blob. As a result, the update will not only reduce the cost of layer-2 operations by tenfold but also significantly increase Ethereum’s throughput.
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